The following words when used in this article have the meaning
hereinafter ascribed to them, unless the context clearly indicates
a different meaning:

(a) "Board" or "governing board" means the university of West
Virginia board of trustees or the board of directors of the state
college system, whichever is applicable within the context referred
to in this article, unless the context clearly indicates a
different meaning.

(b) "Eligible lending institution" or "institution" means a
financial institution that is eligible to make commercial loans, is
a public depository of state funds and agrees to participate in the
West Virginia higher education student assistance loan program.

(c) "Eligible student" means any individual who:

(1) Is a citizen or eligible noncitizen of the United States;

(2) Has been a resident of the state for at least one year
immediately preceding the date of application for a West Virginia
higher education student assistance loan;

(3) Is currently enrolled in good standing or accepted for
enrollment at the approved institution of higher education in this
state of the student's choice; and

(4) Is certified by such institution in accordance with
section three of this article.

(d) "Linked deposit" means a certificate of deposit placed by
the state board of investments with an eligible lending institution
at three percent below current market rates, as determined and
calculated by the state board of investments, provided the institution agrees to lend the value of such deposit, according to
the deposit agreement provided for by this article, to eligible
students at three percent below the present borrowing rate
applicable to each such student at the time of the deposit of state
funds in the institution.

(e) "Approved institution of higher education in this state"
means nonprofit, degree-granting two-year and four-year colleges
and universities located in West Virginia.

Note: WV Code updated with legislation passed through the 2016 Regular Session
The West Virginia Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.